ClubRare Announces The Successful Completion Of Its First Auction

in clubrare •  3 years ago 


ClubRare, the world’s first nonfungible token marketplace for limited-edition high-end items, announced the successful completion of its first auction — a 2009 limited-edition Hermes Shadow Birkin bag.

ClubRare launched its first presale on July 30, 2021, through OpenSea, the world’s first and largest digital marketplace for crypto collectibles and NFTs. Until the launch of ClubRare, limited-edition or luxury items are presented every Friday in the form of an auction. Auctions run for 72 hours only in accordance with OpenSea’s policy.

The first presale item is the guaranteed limited-edition Hermes Shadow Birkin 35 bag in gold evercalf leather, a rare item that’s only shown on rare occasions at global auctions. Birkin Shadow was offered as a redeemable NFT.



Connecting The Real-World Economy To The Digital World

As the world goes digital, NFTs have rapidly gained popularity among collectors and speculators in the crypto space. A recent study revealed that the sales volume for NFTs hit a staggering $2.5 billion in the first six months of this year, up from a total of $13.7 million in all of 2020. Statistically, this goes on to show the massive rise in interest over the last year.

Generally, NFTs are unique digital items such as collectibles, artworks or game items. However, in ClubRare, an NFT is not just a digital item. A particular NFT is linked to the real product, which can be delivered or received directly if the NFT owner wishes. Thus, it’s worth noting that ClubRare is the only platform that connects physical goods with NFTs.

ClubRare aims to offer a sustainable solution to the challenges of existing markets such as authenticity, low transaction frequency, and high connection cost. This way, Generation-Z users can trade with trust in real-time with profitable trading and grow their presence in the metaverse world. The blockchain platform is designed to help people find the right value of marketable products in the real-world economy. It’s bridging the gap between the online metaverse and offline while also improving brand experience using the offline store, which is located in Seoul, South Korea, and offers custody service until the actual redemption. Meanwhile, here are some of ClubRare’s dazzling offerings:

  • Authenticity with blockchain technology — Blockchain- and certificate-based, limited-edition transactions that cannot be forged.
  • NFT-based real-time trading — Real-time auction and trading based on NFT technology.
  • Exclusive membership — A membership-based community operation especially for the Gen-Z heavy collectors.
  • An offline platform for brand management and custody — strengthens trust and maximizes transaction convenience.
  • Digital asset-based global expansion — Users, sellers and artists can connect with the global market using global asset infrastructure.
  • Metaverse — Maximizes value addition by linking issued assets to the metaverse.

ClubRare creates an NFT that’s linked to the actual product. Moreover, the products are sold in their current condition without any representation or warranty. Thus, these product conditions are not grounds for refunds.

ClubRare’s NFT is based on the Ethereum ERC-721 standard. It uses NFTs to represent ownership of exclusive physical items such as luxury bags, wristwatches and so on. Tokens can be redeemed at any time for the physical goods after the payment of shipping or insurance costs as well as any sales taxes if applicable. Before token redemption, the auction value increases through 24-hour token-based trading and during token redemption, the product is physically acquired.

Token owners will be presented with an online form that has the required information, including their name, address, email address, tax resale certificate (if applicable), shipping preferences, and other Know Your Customer information required to ship the goods. After the completion of payment, ClubRare can ship the goods to the owner who redeemed their tokens or offer pick-up if ClubRare states that pick-up is possible. The product will arrive with an appraisal report.

ClubRare is a game-changer for creators and brands as it creates opportunities for anyone to link physical goods with NFTs. Using this platform, the membership community of Gen-Z heavy collectors will develop a community ecosystem among artists, brands and sellers.



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